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Effective May 11, 2018, new Financial Crimes Enforcement Network (FinCEN) rule, “Customer Due Diligence (CDD)-Requirements for Financial Institutions or "the new CDD Rule" requires covered financial institutions to both 1) identify, and 2) verify the identity of beneficial owners of legal entity customers opening accounts—subject to certain exceptions.

NOTE: This is an area of interest for me but not an area of expertise. However, the original notification was unreadable to me so I took the liberty of making corrections.